DANUBIUS University Galati

Faculty of Economics

ENGLISH FOR ECONOMICS

For Higher Education Purposes

- Extra Mural Courses -

Univ. Lecturer Liviu Mihail Marinescu, Ph.D

2

FOREWORD

The main objective of this course is to make students aware of the

significance that English has acquired as a dominant international language.

Aiming at such a target means directing students’ efforts towards achieving a very

qualified learning.

The course is subsequently aimed at improving all skills related to oral

reception, those connected to the oral expression , the ones dealing with the written

expression and reception, but also at developing cultural and intellectual empathy.

3

UNIT ONE

A TYPICAL STUDENT IN ECONOMICS

A. TEXT

John is a 1st year student in Economics at “Danubius” University , Galatz. He

is not only delighted with the entire learning environment directly connected to

student agenda, but also very pleased with his activity as a student here, at this

university. He considers himself as a future economist and this is precisely why he

is used to thinking in economic terms. As Abraham Maslow, an early management

thinker, puts it in his famous “ pyramid o needs”, the first things that people

consider are those they directly need. It is only after satisfying the most important

needs that other necessities will appear. To cut a long story short, this University

provides him with topnotch learning conditions (in terms of hand-books and

documentary materials) and with the best teaching conditions (as far as he can

remember the staff in here is entirely made up of doctors (Ph.D.s) and trainees for a

doctor’s degree (Ph.D. in Progress), be they junior or senior assistants, lectures,

readers or university professors).

4

Now John has to cope with all professional challenges that are noticeable in

his field of activity. That is why all he is supposed to do is learn a lot in order to

improve his own professional abilities.

Exercises : Tasks and questions to answer:

1. Read the text and translate it into Romanian. Make use of an English-

Romanian dictionary, if necessary.

2. Why is John pleased with his being a student at “ Danubius” University?

3. Is John used to thinking in economic terms ?

4. Try to compare yourself to John. What would you say about your own

activity at “Danubius “?

5. Do you have future plans involving your activity as a student?

6. Are you a typical student or a special one, i.e. an extremely good learning

student ?

7. How is a good student supposed to improve his learning skills in the field of

Economics?

8. Build up short sentences using each of the following nouns : economist,

management, ability and agenda.

5

9. Speak about your daily agenda as a student in Economics.

10. Speak about the advantages and the disadvantages of being :

a. an extra-mural student

b. a full time student

Comparative approach.

B. GRAMMAR APPROACH

Able (be able to ) as a modal equivalent of can

It expresses physical and mental ability and is used as a substitute of can in

the situations in which the latter cannot occur (the future, the present perfect tense

and after verbs requiring gerund forms) The past forms of the two verbs (can, be

able to) differ in that was able to implies , besides ability , actual accomplishment .

In these situations it is replaceable by manage to , succeed in.

E,g. He was able to get home by 8 p.m

Task:

Make up a short paragraph aiming at your activity as a student in economics,

using the modal equivalent be able to in both its present and past tense forms.

6

UNIT TWO

ROMANIAN ECONOMY

A. TEXT

The economic potential of our country is highly significant. Nevertheless, it

has not still been turned to the best account . This potential is, however, likely to

meet the requirements of the inhabitants , while creating a basis for international

exchanges and helping the integration of Romania into the continental

socioeconomic structures.

Task :

Translate the text into Romanian and try to enlarge upon its message.

Questions to answer:

1. What would you say about nowadays Romanian economy as compared to

that before 1989 ?

2 .Does a command or centralized economy have any advantage as weighed

against a capitalist one ?

7

B. GRAMMAR APPROACH

a. The Present indicative of the verb to be

Affirmative Negative Interrogative

(-Negative )

I am

You are

She, he, it is

We are

You are

They are

I am not

You are not

She, he, it is not

We are not

You are not

They are not

Am I (not) ?

Are you (not)?

Is he, she, it (not)?

Are we (not)?

Are you (not)?

Are they (not)?

Ab

bre

via

ted f

orm

s

I’m, you’re

He’s,

She’s,

It’s

We’re,

You’re

They’re

I’m not

You’re not

He’s not

She’s not

It’s not

We’re not,

You’re not

They’re not

Aren’t you?

Isn’t he ?

Isn’t she?

Isn’t it ?

Aren’t we?

Aren’t you?

Aren’t they?

8

b. Personal Pronouns

Singular Plural

I. I

II. You

III. He, she, it

I. We

II. You

III. They

Note :

The 1st person pronoun “I” is always written with capital letter.

Task :

Build up a ten-line paragraph regarding Romanian economy. Make use of the

personal pronouns: you, we, they and of some of the abbreviated forms mentioned

at Grammar a.

9

UNIT THREE

COMPANIES

A.TEXT 1

Companies whose members (shareholders) have unlimited liability for the

company’s obligations (unlimited companies) are unusual. However , they may be

favored by some private or family undertakings because the accounts of such

companies need not to be registered ant thus made available to the public.

Unlimited companies are not required to file accounts with the Registrar of

Companies provided that :

1. At no time during the period to which the accounts relate was the company a

subsidiary of a limited company , not were there held or exercisable by two or

more limited companies shares or powers which, had they been held or

exercisable by one of them, would have made the company a subsidiary .

2. At no time was it the holding company of a limited company.

3. At no time was it carrying on business within the meaning of the Trading

Stamps Act 1964 (that is, a business of promoting a trading stamp scheme

involving responsibility for the redemption of trading stamps. )

10

TEXT 2

Overseas concerns which operate in the United Kingdom through a subsidiary

incorporated there do so by means of a private company in which at least one share

is held by a director or other nominee of the overseas concern. Thus, although there

must be at least two registered shareholders, the beneficial ownership of all the

shares may belong to one person.

TEXT 3

Joint ventures are not regarded as separate entities. In the United Kingdom , a

joint undertaking is usually organized as a partnership or through a jointly-owned

corporation .Exceptions are in oil exploration and, occasionally , in the building

construction industry.

Overseas companies, that is, companies incorporated outside the UK, which

establish a lace of business within Great Britain, have to comply with the provisions

of Part XXIII of the Companies Act 1985. These require the filing with the Registrar

of Companies of certificated copies of the documents of constitution, particulars of

the directors and secretary and certain other information.

Where the required documents are not in the English language, an English

translation must be filled.

11

An overseas company is obliged to file such accounts as it would have been

required to file were it incorporated in Great Britain, subject to any exceptions

which the department of Trade and Industry prescribes . In most cases, it is possible

to obtain permission to file the accounts published in the company’s own country

accounts if they are not in the English language.

(Brookes, Michael, David Horner- English for the Business World ) Edition

Belin, Paris 1991

Tasks:

1. Read and translate the texts above

2. Make a comparison between the companies abroad and those in Romania.

3. What do you know about Law 31/1990 aiming at companies’ activity in

Romania?

B.VOCABULARY APPROACH

I. societate comerciala (firma):

- company (GB)

- corporation (USA)

12

- trading company (GB+USA)

- venture ( GB+USA)

II. societate pe actiuni :

- joint stock company (GB)

- corporation (USA)

societate cu raspundere limitata ;

- limited liability company (ltd)

societate in nume colectiv

- ordinary partnership

- general partnership

societate in comandita simpla

- limited partnership

societate in comandita pe actiuni

- limited partnership with a share capital

13

III. - societate mama:

- parent company

societate mixta :

- joint venture

societate publica (regie autonoma)

- public corporation

societati afiliate

- subsidiares

UNIT FOUR

ON MARKETS

a. As a commentary upon “market”

If one takes a look at the noun “market” in an Oxford dictionary, one will

surely find a series of definitions and explanations of the lexeme at issue followed

by as many set - phrases including this word. Our interest is specifically aimed at

the economic usage of market i.e. the state of trade in a particular type of goods.

14

Tasks:

1. Enlarge upon idea in the text

2. Build up a ten-line paragraph using each of the following set-phrases :

lively market in gold, financial market, rising market

A.VOCABULARY APPROACH

Piata – Market (generic term)

- Piata aurului si devizelor – gold and foreign exchange market

A PARALLEL

- deviz – estimate of costs/ bill of quantities

- piata bancara – banking center

- Piata Comuna – Common Market

- piata de euroobligatiuni – Eurobond Market

A PARALLEL

Eurobon – euronote

Eurocard – eurocard

15

Eurocec – eurochecque

Eurocredit – eurocredit

Eurodepozit – eurodeposit

Eurodolar –eurodollar

Eurohartii comerciale – eurocommercial papers

Euroobligatiuni – eurobonds

Eurooptiune- eurooption

Europiata – euromarket

Europiata de capitaluri – eurocapital market

Europiata monetara – euromoney market

Eurovalute – eurocurrencies

Piata externa/piata internationala – foreign market

Piata financiara – finance market

Piata fortei de munca – labour market/labor market

Piata interna – domestic/home/internal market

Piata obligatinilor – bond market

Piata publica /achizitii guvernamentale – government

procurements

Piata cererii – bid market

Piata cumparatorului – buyer’s market

Piata liberei initiative – free enterprise market

Piata vanzatorului – seller’s market

16

Piata de capital – capital market

Piata de optiuni – options market

Piata de valori/bursa de valori – securities market

Piata in depresiune – depressed market

Piata in scadere- falling market

Piata in urcare – bullish market

Piata manipulatoare – false market

Piata monetara – money market

Piata monopolizatoare – money trust

Piata restransa - narrow market

Piata secundara – secondary market

Piata de schimb - foreign exchange market/exchange market

B.GRAMMAR

The plural of Nouns

It is formed by adding the ending ‘-s’ to the singular form.

e.g. : a car – cars

a system – systems

a bank – banks

17

a document – documents

UNIT FIVE

PRICES I

A.SEMANTIC APPROACH

The word “price” designates an amount of money for which something may

be bought or sold :

- price of $ 29.32, prices are falling, prices are shooting up

eg. I can’t afford it at that price

The price of gas is set to rise again. a.s.o.

Task:

Speak about prices in Romania as compared to the average income per capita

18

B.GRAMMAR TASK

The Passive Voice

The passive form turns the active object into a passive subject and the active

subject into a passive agent, which is optional in the sentence.

Active voice : John wrote those books.

Passive voice : Those books were written (by John ).

Task :

Build up a short paragraph regarding prices in Romania compared to those

abroad. Use the passive voice.

UNIT SIX

PRICES II

A.VOCABULARY ITEMS

Pret – price (generic term)

Pretul energiei – energy cost

19

Pret cerut – asking price

Pret competitive – competitive price

Pret convenit – agreed price

Pret correct – true & fair price

Pret de acceptare – acceptance price

Pret de achizitie – historical cost

Pret de cerere – demand price

Pret de factura – invoice price

Pret de incepere a licitatiei- opening bid

Pret de livrare – delivered price

Pret de oferta – tender price

Pret de proba – probate price

Pret de rambursare – redemption price

Pret de rascumparare – repurchase price

Pret de referinta – shadow price

Pret de vanzare – sale / selling price

Pret en detail – retail price

Pret en gros – unholesale price

Pret net – net price

Pret unitar – unit price

20

Task :

Build up sentences with each of the above mentioned set phrases.

A. GRAMMAR

a. The Direct Speech

Direct speech is the reporting of the words actually spoken by somebody;

Quotation marks or quotes are made use of in this respect:

“ Come in, please!” She said.

The punctuation marks at the end at the direct speech sentences are

always placed before the closing quote.

UNIT SEVEN

TAXES

A.VOCABULARY

Impozit – levy, tax (generic term)

21

Impozit anticipat- withholding tax

Impozitare in strainatate – foreign taxation

Impozitare la sursa – tax deduction at source

Impozitare la sursa a salariatului – pay as you earn

Impozitare progresiva – graduated taxation /progressive taxation

Impozit direct – direct tax

Impozite licale – rates/local rates

Impozite periodice – recurrent taxes

Impozit funciar – property tax/real estate tax

Impozit indirect – indirect tax

Impozit pe beneficii – profit tax

Impozit pe capital – capital levy/taxes on capital

Impozit pe cifra de afaceri – turnover tax

Impozit pe circulatia marfurilor – sales tax

Impozit pe profitul acumulat- accumulated profits tax

Impozit pe salarii- wages tax

Impozit pe teren – land tax

Impozit pe venit – income tax

Impozit pe venitul din capital – capital tax

22

Task :

Build up a ten-line paragraph using some of the set phrases above.

VOCABULARY 2 : EXPRESSIONS

1. not to be on the best of terms (with somebody ) a nu fi in cei mai buni termini

(cu cineva )

2. to grant a favor – a acorda o favoare

3. to grant a request – a admite o cerere

4. to put somebody on the spot – a lua pe cineva la ochi

5. to put somebody out of heart – a descuraja pe cineva

6. to gratify smb’s whims (for smth) – a satisface capriciile cuiva

7. to go wild with anger – a innebuni de furie

8. to put up to auction – a scoate la licitatie

9. to raise a claim – a revendica un drept, a ridica o pretentie

10. to wind up one’s affaires – a –si incheia cuvantarea

11. not to be in the humor for work – a nu avea chef de lucru

12. not to be in the mood for smth – a nu fi cu chef de ceva

13. not to be long (in) coming – a nu zabovi mult/ anu se lasa asteptat

14. not to be long (in) doing smth – a nu-I trebui mult (timp) pana sa faca ceva

15. to gratify smb’s curiosity – a satisface curiozitatea cuiva

23

16. to lose the run of smth – a pierde sirul (ex zilelor) i.e. (a pierde notiunea

timpului )

17. to make a profit on smth –a obtine un profit de pe urma unui lucru

18. to pick up with smb – a face cunostinta / a stabili relatii cu cineva ( de obicei

din intamplare)

19. to strike for an end – a se stradui sa atinga un tel

20. to take account of smth / to take smth into account- a tine seama de ceva, a

lua in considerare ceva

21. to take a chance – a risca , a nu-si incerca norocul

22. to stop short/to stop dead – a se opri brusc

23. to strain the law- a forta legea/ in nterpreta legea in mod partinitor

24. to stay the course – a rezista pana la capat

25. to state the case – a proceda la expunerea faptelor (in tribunal )

26. to set a trap for smb – a intinde o cursa cuiva

27. to score an advantage / to score a success – a inregistra un success

UNIT EIGHT

BANKS

A READING AND COMMENTING UPON

24

Take a look at the following advertisement :

“ Europeans are different. So why try and force them to use the same bank ?

That’s why we don’t want to be one big bank. We’d rather be a diverse group of

regional banks throughout Europe. Different banks for different people. The only

thing we’ve got in common is that we all belong to a strong network called HVB

Group.. Which is, well , different.”

Task and questions :

1. Comment upon the idea of such a banking system.

2. Write a paragraph about banking in Romania.

3. Is the Romanian banking highly different from that abroad? Enlarge upon it.

Bank – banca (generic term )

a.

banca emitenta – issuing bank

banca eitenta a creditului – opening bank

banca platitoare – paying bank

banca centrala – central bank

banca colectoare (incasatoare ) – collecting bank

banca de investitii – investment bank

25

banca nationala – national bank

banca negociatoare - negociating bank

banca universala – full service bank

b.

Banca Europeana de Investitii /- European Investment Bank/EIB

Banca Europeana pentru Reconstructie si Dezvoltare – European

Bank for Reconstruction & Development / EBRD

Banca Internationala pentru reconstructie si Dezvoltare /BIRD-

International Bank for Reconstruction & Development/ IBRD

Banca Reglementarilor Internationale /BRI – Bank for

International Settlements /BIS

VOCABULARY II

INTERNATIONAL ORGANIZATIONS

a.

Organizare/infiintare – set-up

Organizare ierarhica /functionala – staff &line

Organizatie – organization

26

Organizatie nonguvernamentala/ONG- nonprofit

organization/consumer organization/non-governmental

organization

b.

Organizatia Aviatiei Civile Internationale /OACI- International

Civil Aviation Organisation /ICAO

Organizatia Europeana de politie /EUROPOL- European Police

Organisaion /EUROPOL

Organizatia Internationala a Muncii – International labour

Organisation/ILO

Organizatia Internationala a patronatelor – International

Organisation of Employers/ IOE

Organizatia Internationala a Uniunii de Consumatori –

International Organisation of Consumers Unions /IOCU

Organizatia Internationala pentru Standardizare- International

Standards Organisaion/ ISO

Organizatia Maritima Internationala – International Maritim

Organisation /IMO

Organizatia Mondiala a Comertului / OMC- World Trade

Organisation/ WTO

27

Organizatia Mondiala a Vamilor – World Customs Organisation

/WCO

Organizatia Mondiala pentru Proprietatea Intelectuala /OMPI-

World Intellectual Property Organisation /WIPO

Organizatia Natiunilor Unite/ONU- United Nations /UN

Organizatia pentru Cooperare si Dezvoltare Economica –

organization for Economic Cooperation and Development

/OELD

Organizatia pentru Securitate & Cooperare in Europa /OSCE-

Organisation for Security & Cooperation In Europe/ OSCE

UNIT NINE

BUSINESS SOLUTIONS

A. TEXT

E-business concepts as many other new things in nowadays Russia are taken

in more heartily than anywhere else in the established world. Though ultra-high-tech

is not an imperative for resources-rich country the desire to bring the best of bread

28

in technology for newly formed corporation stems from unique mix of the centuries

old cultural tradition and just released business adventurism.

In our company, BPC, we managed to achieve a rare synergy between

owner’s entrepreneurship, sober academism of MBA graduates from leading US

business schools and controlled enthusiasm of the bunch of Russian techno-geeks to

deliver practical business-wise solutions amidst hype and amateurism. We build e-

business infrastructure, provide solutions for e-procurement, e-distributions, CRM

and collaborative logistics. But what is really different about us is our focus on

actual business benefits rather than on flashy tech features.

This approach is paying off, even if we are not in a mass market. We are

rather boutique, providing exclusive services for a selected range of very demanding

customers.. Today lots of work is going on latently. The results – when surface- may

surprise those who used to put the country at the far backyard of e-world in their

ratings.

Tasks:

1. Read , translate and comment upon the text above

2. Write a paragraph of your own aiming at the general idea of business.

3. Make up a dialogue between two prosperous businessmen deeply concerned

with ethics in business.

29

B. VOCABULARY APPROACH

BUSINESS COMMUNITY (mediu de afaceri )

1. Business Cooperation Center – Centrul de Cooperare pentru

afaceri

2. Business DAY – zi lucratoare

3. Business EXPENSES - cheltuieli de reprezentare

4. BusinessFINANCE- gestiune financiare a intreprinderii

5. Business LAW – drept commercial

6. Business PREMISES – sediu al firmei

7. Business PROJECT- proiect de afaceri

8. Business TAX – taxa comerciala

9. Business TRAVEL – calatorie de afaceri

C. GRAMMAR

THE INDIRECT SPEECH

In indirect speech somebody’s words or thoughts, or even the speaker’s own

words or thoughts are reported. In English , direct speech is introduced between

quotations marks:

Actual utterance : “ You are a liar. “

30

Direct speech : He said : “ You are a liar. “

Indirect speech : He said that you are a liar.

LIST OF REFERENCES

1. Alexander L.G “ Longman Advanced Grammar” Longman, London , 1994

2. Brooks Michael; David Horner ‘ English for the Business World “ Edition

Belin, Paris, 1991

3. Ciuciuc Olga , Eugenia Tarasescu “ English for Business Purposes’ Essential

English, Teora, Bucuresti, 1998

4. Dimitriu-Caracota Maria, Frederick Henry Duncan “ English – Romanian

Dictionary of Accounting, Economic and Financial terms “ Garamond,

Bucuresti, 1998

5. Gavriliu Eugenia “ English for Economics, Zigotto, Galati, 1998

6. Hulban Horia ‘ English for You “ Fundatia Academica “Petre Andrei”,

Razesu , Iasi, 1997.

31